{"id":28073,"date":"2023-08-11T03:53:15","date_gmt":"2023-08-11T07:53:15","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28073"},"modified":"2023-08-11T03:53:15","modified_gmt":"2023-08-11T07:53:15","slug":"bitcoin-price-next-leg-lower-underway-and-at-risk-for-key-reasons","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/11\/bitcoin-price-next-leg-lower-underway-and-at-risk-for-key-reasons\/","title":{"rendered":"Bitcoin Price Next Leg Lower Underway And At Risk for Key Reasons"},"content":{"rendered":"

Bitcoin price is moving lower from the $30,200 zone. BTC is signaling a fresh decline and there is a risk of a drop toward the $28,500 support.<\/em><\/p>\n

Bitcoin is struggling to remain in a positive zone above $29,200.
\nThe price is trading below $29,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $29,200 support zone.<\/p>\n

Bitcoin Price Trims Gains<\/h2>\n

Bitcoin price faced another rejection<\/a> above the $30,000 resistance zone. A high was formed near $30,190 and BTC reacted to the downside. There was a move below the $30,000 and $29,800 levels.<\/p>\n

The price declined below the 50% Fib retracement level of the key increase from the $28,628 swing low to the $30,190 high. It seems like the bulls are now putting up some fight near the $29,300 zone. Bitcoin is now trading below $29,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

There is also a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC\/USD pair. If there is a fresh increase, the pair could face resistance near the 100 hourly Simple moving average at $29,400.<\/p>\n\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next major resistance is near the trend line and $29,500. A close above the trend line could start a decent increase toward $30,000. To spark a steady uptrend, the price must settle above the $30,000 resistance. In the stated case, the price could rise toward $31,200 or even $32,000 in the coming days.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to clear the $29,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,320 level.<\/p>\n

The next major support is near the $29,220 level or the 61.8% Fib retracement level of the key increase from the $28,628 swing low to the $30,190 high. A downside break below the $29,220 level might spark bearish moves. In the stated case, the price could revisit $29,000. Any more losses might call for a move toward the $28,500 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $29,220, followed by $29,000.<\/p>\n

Major Resistance Levels \u2013 $29,400, $29,500, and $30,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is moving lower from the $30,200 zone. BTC is signaling a fresh decline and there is a risk of a drop toward the $28,500 support.<\/em><\/p>\n

Bitcoin is struggling to remain in a positive zone above $29,200.
\nThe price is trading below $29,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $29,200 support zone.<\/p>\n

Bitcoin Price Trims Gains<\/h2>\n

Bitcoin price faced another rejection<\/a> above the $30,000 resistance zone. A high was formed near $30,190 and BTC reacted to the downside. There was a move below the $30,000 and $29,800 levels.<\/p>\n

The price declined below the 50% Fib retracement level of the key increase from the $28,628 swing low to the $30,190 high. It seems like the bulls are now putting up some fight near the $29,300 zone. Bitcoin is now trading below $29,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

There is also a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC\/USD pair. If there is a fresh increase, the pair could face resistance near the 100 hourly Simple moving average at $29,400.<\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next major resistance is near the trend line and $29,500. A close above the trend line could start a decent increase toward $30,000. To spark a steady uptrend, the price must settle above the $30,000 resistance. In the stated case, the price could rise toward $31,200 or even $32,000 in the coming days.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to clear the $29,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,320 level.<\/p>\n

The next major support is near the $29,220 level or the 61.8% Fib retracement level of the key increase from the $28,628 swing low to the $30,190 high. A downside break below the $29,220 level might spark bearish moves. In the stated case, the price could revisit $29,000. Any more losses might call for a move toward the $28,500 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $29,220, followed by $29,000.<\/p>\n

Major Resistance Levels \u2013 $29,400, $29,500, and $30,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28073","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28073"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28073\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28073"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}